AUD/USD Price Analysis: Aussie bulls attack 100-DMA within bullish channel

AUD/USD renews three-week high inside two-month-old ascending trend channel.
Bullish MACD signals, upbeat RSI keeps buyers hopeful of crossing 100-DMA hurdle.
Sellers remain off the table unless witnessing daily close beyond 0.6600.

Anil Panchal FXStreet

AUD/USD stays on the bids for the sixth consecutive day as it refreshes a three-week high near 0.6785 during early Monday in Europe. In doing so, the Aussie pair prods the 100-DMA hurdle inside an upward-sloping trend channel comprising multiple levels marked since March.

Given the bullish MACD signals and upbeat RSI (14) line, not overbought, the AUD/USD buyers are likely to cross the immediate hurdle surrounding 0.6790, comprising the 100-DMA.

However, likely overbought conditions around the 0.6800 round figure and the top line of the stated bullish channel, close to 0.6810 at the latest, can challenge the AUD/USD bulls afterward.

Should the Aussie pair buyers keep the reins past 0.6810, 0.6855 and 0.6900 will precede the mid-February’s peak of around 0.7030 to challenge the pair buyers.

On the contrary, the 50% Fibonacci retracement level of the pair’s run-up from October 2022 to February 2023, near 0.6660, can challenge the AUD/USD bears.

Following that, the stated channel’s bottom line of around 0.6600 and the 61.8% Fibonacci retracement level of near 0.6545, also known as the golden Fibonacci ratio, may prod the Aussie pair sellers before giving them control.

Overall, AUD/USD remains on the bull’s radar even if the upside remains long and bumpy.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.6782
Today Daily Change	0.0033
Today Daily Change %	0.49%
Today daily open	0.6749

Trends
Daily SMA20	0.6681
Daily SMA50	0.6684
Daily SMA100	0.6788
Daily SMA200	0.6729

Levels
Previous Daily High	0.6757
Previous Daily Low	0.6689
Previous Weekly High	0.6757
Previous Weekly Low	0.6607
Previous Monthly High	0.6806
Previous Monthly Low	0.6574
Daily Fibonacci 38.2%	0.6731
Daily Fibonacci 61.8%	0.6715
Daily Pivot Point S1	0.6707
Daily Pivot Point S2	0.6664
Daily Pivot Point S3	0.6639
Daily Pivot Point R1	0.6774
Daily Pivot Point R2	0.6799
Daily Pivot Point R3	0.6842

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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